A devastating €36.7 billion looks set to be lost from the Italian economy due to the collapse of international travel during 2020, according to the latest research conducted by the World Travel & Tourism Council (WTTC).
WTTC, which represents the global Travel & Tourism private sector, says the massive decline in the number of international travellers and tourists visiting Italy, due to the COVID-19 pandemic, could result in international visitor spending dropping by a staggering 82%.
This catastrophic loss to the Italian economy equates to a shortfall of €100 million a day, or €700 million a week, to the country’s economy.
WTTC and its Members recently called upon Prime Minister Giuseppe Conte and the other leaders of the G7 countries, to urge for a coordinated approach to be taken to lead the global recovery response to the crisis.
The harsh impact on Italian Travel & Tourism is laid bare by WTTC as the economic fallout from coronavirus continues to burn its way through the sector. Some 2.8 million jobs in Italy which are supported by Travel & Tourism are at risk of being lost in a ‘worst case’ scenario mapped out by WTTC economic modelling.
Across Europe, in the ‘worst case’ scenario, that figure rises to more than 29m (29.5m) Travel & Tourism jobs.
According to WTTC’s 2020 Economic Impact Report, during 2019, Travel & Tourism was responsible for almost 3.5 million jobs in Italy, or 14.9% of the country’s total workforce. It also generated €232.9 billion GDP or 13% to the Italian economy.
“The economic pain and suffering caused to millions of households across Italy, who are dependent upon a thriving Travel & Tourism for their livelihoods, is evident from our latest shocking figures. International coordination to re-establish transatlantic travel would provide a vital boost for the Travel & Tourism sector. It would benefit airlines and hotels, travel agents, and tour operators and revitalise the millions of jobs in the supply chain which are dependent upon international travel,” said Gloria Guevara, WTTC President & CEO.
According to WTTC’s 2020 Economic Impact Report, during 2019, Travel & Tourism was responsible for one in 10 jobs (330 million total), making a 10.3% contribution to global GDP and generating one in four of all new jobs.
Original source: WTTC
